EY Global Launches Blockchain-Enabled Contract Management Solution
Global professional services company Ernst & Young Global Ltd. has made a groundbreaking announcement at their annual EY Global Blockchain Summit. The company has launched a new blockchain-enabled solution called EY OpsChain Contract Manager, aimed at helping businesses streamline complex business agreements, reduce costs, and enhance security.
This innovative contract management solution is based on blockchain distributed ledger technology and utilizes Ethereum, the second-largest blockchain by market capitalization. By leveraging Ethereum’s decentralized technology, EY OpsChain Contract Manager provides a secure environment for contract resolution while ensuring privacy for businesses through zero-knowledge proofs.
According to EY global blockchain leader Paul Brody, the implementation of contract automation can significantly improve accuracy and reduce cycle times by over 90%, as well as decrease overall contract administration costs by nearly 40%. With the use of zero-knowledge privacy technology, EY has industrialized this capability, making it more accessible and cost-effective for businesses.
By deploying on a public blockchain like Ethereum, EY OpsChain Contract Manager eliminates the need for costly private networks and ensures a level playing field for all parties involved in the contract. This approach not only reduces costs but also enhances scalability, allowing for seamless integration with various enterprise systems and external devices.
The solution is designed to support a wide range of business contract types, including volume purchase agreements, discounts, rebates, and price models that track market data feeds. Real-time monitoring features enable automatic validation of contract terms for policy adherence, with instant alerts provided to parties in case of discrepancies.
Overall, the launch of EY OpsChain Contract Manager represents a significant step forward in the adoption of blockchain technology for contract management. With the global smart contract market projected to reach $1 billion by 2030, EY’s innovative solution is poised to make a lasting impact on the way businesses execute and manage complex agreements.
